3 ms·

wow, how about.. 1) NO taxes till $40k-50k for a family 2) Free healthcare 3) Not so crazy tution fees all these are doable.. just like raising minimum wage.

wow, how about.. 1) NO taxes till $40k-50k for a family 2) Free healthcare 3) Not so crazy tution fees all these are doable.. just like raising minimum wage..

earlINmeyerkeg 7y ago
>NO taxes till $40k-50k for a family You're talking about quite literally like 80% of the entire tax revenue generated by the government. Income taxes we're devised because an industrial nation cannot collect property taxes on non land owning tax payers. As the cities grew, governments realized that they could only tax the wealthy and prominent land owners so much before they had to generate it in another way.
- harryh 7y ago
  You're talking about quite literally like 80% of the entire tax revenue generated by the government. This is wrong. $50k/yr is below median household income so we're talking about eliminating income taxes for the bottom half of taxpayers (less than that actually, but whatever). The bottom half pays roughly 3% of income taxes. Now, that number gets somewhat bigger when you take into account payroll taxes but it's nowhere close to 80%.
dlp211 7y ago
1 is already mostly true at the federal level.
- MiroF 7y ago
  not for payroll it isn't
  - jnordwick 7y ago
    Payroll tax is more akin to a government pension program in that your payment roll gets you money back when you retire. Counting as just another tax really cuts against years of government arguments to the contrary.
  - dlp211 7y ago
    Family of 4 (2 kids under 16) in 2020 taking standard deduction, no childcare expenses, no tax deferred savings. FICA Payroll taxes paid 50k * .0765 = 3825 Tax Burden 50k - 24800 (Standard deduction MFJ) = 25600 25600 = $2676.90 in FIT taxes owed before credits Child tax credit $4000 EITC ~$750 Total Credits $4750 Total Federal tax burden -4750 + 3825 + 2677 = 1752/50000 = 3.5% So not zero, but pretty darn close.

wow, how about.. 1) NO taxes till $40k-50k for a family 2) Free healthcare 3) Not so crazy tution fees all these are doable.. just like raising minimum wage..

earlINmeyerkeg 7y ago

>NO taxes till $40k-50k for a family You're talking about quite literally like 80% of the entire tax revenue generated by the government. Income taxes we're devised because an industrial nation cannot collect property taxes on non land owning tax payers. As the cities grew, governments realized that they could only tax the wealthy and prominent land owners so much before they had to generate it in another way.

harryh 7y ago
You're talking about quite literally like 80% of the entire tax revenue generated by the government. This is wrong. $50k/yr is below median household income so we're talking about eliminating income taxes for the bottom half of taxpayers (less than that actually, but whatever). The bottom half pays roughly 3% of income taxes. Now, that number gets somewhat bigger when you take into account payroll taxes but it's nowhere close to 80%.

dlp211 7y ago

1 is already mostly true at the federal level.

MiroF 7y ago
not for payroll it isn't
- jnordwick 7y ago
  Payroll tax is more akin to a government pension program in that your payment roll gets you money back when you retire. Counting as just another tax really cuts against years of government arguments to the contrary.
- dlp211 7y ago
  Family of 4 (2 kids under 16) in 2020 taking standard deduction, no childcare expenses, no tax deferred savings. FICA Payroll taxes paid 50k * .0765 = 3825 Tax Burden 50k - 24800 (Standard deduction MFJ) = 25600 25600 = $2676.90 in FIT taxes owed before credits Child tax credit $4000 EITC ~$750 Total Credits $4750 Total Federal tax burden -4750 + 3825 + 2677 = 1752/50000 = 3.5% So not zero, but pretty darn close.